Tiered Buyer pamphlet_Digital

Making a
Wise Move
3109 NE Sandy Portland, OR 97232 310 NE 5th Ave., Camas, WA 98607

Step 1
Meet your agent
Your initial meeting:
It is ideal to get together, the first time, in person. At that meeting you can
get to know one another as you share what you hope to accomplish and why.
Things to discuss:
You will visit about your big picture goals, for instance:
• What lifestyle do you enjoy? (a city dweller or more of a great outdoor
aficionado,etc.)
• In choosing your home, what is more important to you? (architectural
design or location)
• Do you prefer proximity to neighborhood amenities or would you prefer to
be further out?
• If compromise is necessary, are you more interested in the house, the lot
or location?
• Are there others to consider in your purchase choice?
(children, extended family, animals, etc.)
There will be some upfront out of pocket expenses during the purchase
process, for instance:
• General Inspection - $350-$550
• Sewer Inspection - $100-$150
• Underground Storage Tank Search: $100-$125
• Radon Testing - $150 - $175
• Earnest Money: Generally 1-2% of the purchase price
The cost of your Buyer Agent Representation….
• There is no charge to you. In Oregon and Washington, all commissions are
paid by the seller.
MEET YOUR AGENT

Step 2
Get loan pre-approval
Meet with your preferred lender and get pre-approved for a home
loan. A mortgage banker will ask you numerous questions about
your specific financial needs and will examine your credit so he or
she may match you with the best mortgage.
Items you may need to get pre-approved:
• A copy of your most recent bank statements
• Your most recent W-2 or entire tax return
• Proof of IRAs or retirement accounts and their current
balances
• Statements for any stocks or mutual funds you own outside of
retirement accounts
• A copy of your driver’s license
• The most recent month’s paystub(s)
• An application, appraisal and credit check fee (these fees
depend on specific lender requirements and can vary)
Loan Estimate (LE):
At the end of the pre-approval process, you’ll receive a loan
estimate (LE), which is a brief document spelling out the likely
terms of the loan, including the interest rate, loan type (fixed-rate,
adjustable and so on) and closing costs.
GET LOAN PRE-APPROVAL

Step 3
Shop for houses
Your agent will work with you to find a home that fits your needs
and wants.
Things to keep in mind:
• Budget
• Size of home
• Location
• Style
Consider your needs & wants:
• How many beds/baths do you want?
• Are you interested in urban, suburban or country locations?
• Is outdoor space important to you?
• Do you want a home that is move in ready or are you up for
a project?
SHOP FOR HOUSES

Step 4
Find the perfect house
You found the one! Now what?
Once you’ve found the perfect house, we’ll work with you to
write up a purchase and sale agreement, otherwise known as
an “Offer.”
We’ll review the various parts of the offer in the next section.
In preparation of writing the offer, you and your agent will review
a purchase price and terms that are comfortable for you.
FIND THE PERFECT HOUSE

Step 5
Make an offer
Parts of an Offer:
Offer Price
How much money the buyer will pay for the home.
Earnest Money
A percentage of the sale price that will go into an escrow fund
after your offer is accepted. Earnest Money shows the seller that
a buyer is serious and prepared to act in good faith. The Earnest
Money will be applied to the balance of your down payment at
closing.
Financing
An offer details for the seller how the buyer plans to pay for the
home. Typically, this is a combination of the down payment plus
funds from the buyer’s mortgage loan.
Important Dates
The terms of the offer also include important dates including
the inspection period, closing date and date of possession.
Escrow
An Escrow Officer is an independent and neutral third party who
receives and disburses money and documents between buyers
and sellers according to contract terms.
Negotiate Offer:
Your agent will manage the offer process with the seller’s agent.
MAKE AN OFFER

Step 6
In escrow
Congratulations! Your offer has been accepted.
What’s next?
Earnest Money:
Once buyer and seller have signed a mutually acceptable
purchase agreement, the buyer will deliver an earnest money
check to the escrow company by the date specified in the
purchase agreement.
Appraisal:
Your lender will require your house be appraised by a
professional, who is scheduled through the lender. The
appraisal gives you a detailed report on the value of the
home. If the home’s appraised value is less than the
purchase price, you will need to either make a greater down
payment or negotiate with the seller to lower the price.
IN ESCROW

Step 7
Home inspection
It is absolutely in your best interest to have a complete
home inspection. For a few hundred dollars, a professional
home inspector will tell you if there are any dangerous or
costly defects in the home.
If there are, you’ll want to know about them so you can
make prudent decisions moving forward. You may ask the
seller to make repairs, or possibly negotiate a credit so
you may complete repairs after closing. Or, if you believe
it’s best, you may terminate your transaction at this time.
Your inspector may check:
• Foundation
• Roof
• Exterior
• Appliances
• Plumbing
• Electrical
• Heating and cooling systems
• Condition of windows
• Condition of doors and door frames
• Attic
HOME INSPECTION

Closing day!
It’s yours!
Time to celebrate
CLOSING DAY!